Snap One credit facility includes $100 million five-year revolver

Chicago, Dec. 9 – Snap One Holdings Corp. said that its new $565 million credit agreement consists of the $465 million previously reported term loan and a $100 million senior secured five-year revolver, according to an 8-K filed with the Securities and Exchange Commission.

The loan closed on Wednesday.

Interest for the revolver will be based on a leveraged-based pricing grid. With a 0% Libor floor, interest will be between Libor plus 400 basis points and 450 bps. The initial rate is Libor plus 450 bps.

The commitment fee will be between 12.5 bps and 37.5 bps.

On the closing date, Snap One repaid in full the $451 million outstanding borrowings from the Aug. 4, 2017 credit agreement.

Morgan Stanley Senior Funding Inc., JPMorgan Chase Bank, Jefferies LLC, UBS Investment Bank, BofA Securities Inc., BMO Capital Markets, Raymond James and Truist are the joint lead arrangers and bookrunners on the deal. Morgan Stanley is the administrative agent, collateral agent, swingline lender and a letter of credit issuer.

Snap One is a Charlotte, N.C.-based provider of a suite of products, services and software to professional do-it-for-me integrators.

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